Different bank, but similar story. It does pay off too. I would recommend finding a bank with a similar program. Great way to make 3% with pretty much no risk and 100% liquid money.

Yep, there are a few credit unions you can join for just signing up for some random club. I am a member of mine from where i work, but if you live in Oklahoma or Kansas you can do this:

If you live in Oklahoma or Kansas you can join the Citizens for Financial Literacy (CFL), a non-profit group that is one of our select employee groups. CFL assists in providing financial literacy education. Oklahoma or Kansas residents can join CFL through our online application for a one-time $5 membership fee.
-------------

Just a note, I just noticed they changed it this year where you have to meet the 12 transactions, and also have a total of at least 100 bucks in transactions. But still, I earn around 100 bucks a month in interest, and I don't use the card to pay for anything I wouldn't have bought anyway. So instead of getting that 1-5$ back on a rewards credit card, i earn 12x the return over most savings accounts. Well worth it.

Requirements: Complete at least 12 Debit/Check Card Point-of-Sale purchases
(transactions must be made without using your Personal Identification
Number, or PIN, to count towards the minimum of 12 and must post
and clear your account on or before the last day of the calendar month)
Each calendar month, one direct deposit OR one ACH debit OR pay
one bill when using Consumers Credit Union’s free online bill payment
system, must post and clear your account on or before the last day of
the calendar month
Access Online Banking at least once each calendar month
Receive eStatements (enroll and accept the disclosure)

Thats one of the easiest ones to meet I have seen. Since it allows you to do direct deposit OR one bill pay.

Requirements: Complete at least 12 Debit/Check Card Point-of-Sale purchases
(transactions must be made without using your Personal Identification
Number, or PIN, to count towards the minimum of 12 and must post
and clear your account on or before the last day of the calendar month)
Each calendar month, one direct deposit OR one ACH debit OR pay
one bill when using Consumers Credit Union’s free online bill payment
system, must post and clear your account on or before the last day of
the calendar month
Access Online Banking at least once each calendar month
Receive eStatements (enroll and accept the disclosure)

Thats one of the easiest ones to meet I have seen. Since it allows you to do direct deposit OR one bill pay.

The 3% and 4% APY accounts you are posting are intriguing. They don't really work for my purposes, but maybe someone else will be able to take advantage of the offers.

I don't want to have to make a minimum of 12 transactions, I don't want to have to deal with minimum balances, etc. On another note, the cautious side of me was happy to know that Alliant CU has a fairly long and reputable history, and they offer eDeposits. I've only had the account for a few months, but I haven't done a transaction from anywhere other than my home computer.

I've been doing just that for close to 2 years at both Consumers Credit Union and Pelican State Credit Union. CCU pays 4.09% on up to $10k.
PSCU pays 4.01% on up to $20k.

Anyone can join CCU online. PSCU is much tougher. I had my brother join just so I could join.

To get the high rates, both require these things:
1) Direct deposit (CCU gets $25 of my check and PSCU gets $75) (Bill pay could be a substitute)
2) E-statements and 1 sign in to online banking monthly (easy enough)
3) Minimum of 12 (CCU) or 15 (PSCU) debit transactions monthly (without PIN) (Mine are never more than $2 each and are often up to 4 within a minute at the same register)

I am extremely pleased and it is nice to earn a decent interest rate.

No fees of any kind at either CU. Look into them. You'll be very pleased.

I've been doing just that for close to 2 years at both Consumers Credit Union and Pelican State Credit Union. CCU pays 4.09% on up to $10k.
PSCU pays 4.01% on up to $20k.

Anyone can join CCU online. PSCU is much tougher. I had my brother join just so I could join.

To get the high rates, both require these things:
1) Direct deposit (CCU gets $25 of my check and PSCU gets $75) (Bill pay could be a substitute)
2) E-statements and 1 sign in to online banking monthly (easy enough)
3) Minimum of 12 (CCU) or 15 (PSCU) debit transactions monthly (without PIN) (Mine are never more than $2 each and are often up to 4 within a minute at the same register)

I am extremely pleased and it is nice to earn a decent interest rate.

No fees of any kind at either CU. Look into them. You'll be very pleased.

So how do things like this work, i'm at the point where i've realized that where my money is currently sitting is pathetically low and I'd rather just close my savings account and put the money elsewhere. but I'm looking up at this and i see that the 4.09 is only effective through June 30th, then it looks like it goes down to an abysmal 0.01, (since I'm just starting out, i dont have 10k to invest). Do you simply apply and use it until June, then at the end of june just move the money elsewhere and cancel the account?

I don't expect the rate to go down that drastically. The account actually paid 6% or so in the year before I opened my account. It's remained the top or one of the top paying accounts nationwide since.

The high rate is on the first $10k, you don't need a minimum of $10k. Personally, if you plan to move the money in June, I wouldn't bother opening the account.

Savings accounts generally have higher rates, but less easy access to your money. If you don't care about access to your money, savings accounts with higher rates are better. Then again, 1% or less might not be worth your time/effort.

High-interest checking accounts usually have other requirements like monthly deposits, bill-pay, higher minimums, etc. If you're ok with hitting those minimums, then they work just like a regular checking account.

My checking account pays 3%. It only requires that i have direct deposit, and use 12 signed transactions with my debit card. I keep all my money in that account, rather than the savings account that only pays 0.25%.

I use Communication Federal Credit Union.

Are you sure thats correct? I thought that was too high and went to the comfedcu website and could not find anything close to that.

Is there a decent place that shows me the interest rates at credit unions? I've been sleeping on my money for a bit too long and need to move things about. 4% or greater would be a kick in the pants for me, reminiscent of the good old days. Bankrate said something like 0.90% so I was happy to move my money into my dormant 1% HSBC account based on my current rate of 0.65%

Is there a decent place that shows me the interest rates at credit unions? I've been sleeping on my money for a bit too long and need to move things about. 4% or greater would be a kick in the pants for me, reminiscent of the good old days. Bankrate said something like 0.90% so I was happy to move my money into my dormant 1% HSBC account based on my current rate of 0.65%

Thanks in advance.

I agree, this topic is a good kick in the pants for those of us who have become lazy...I like having liquid cash but want a better rate than standard savings accounts. For the past few years I have used Redneck Bank (10K max for 2.xx% - pathetic I don't know their current rate) and Coulee (2.55% up to 25K) and know I should be shopping around, but I am tired of jumping banks. Both require 10 debit trannys plus a few other requirements, but 20 debit purchases a month is already a hassle so I don't want to add another rewards account only to have the rate drop.

With the CCU, do you have to pay any fees up-front to join, and also, what do they mean by "non-PIN" transactions? Can you select "credit" at stores to avoid entering a PIN? I don't want to be locked into 10 fast-food purchases/month in order to meet the requirements.

One dollar for eternal happiness? I'd be happier with the dollar.
Monty Burns

I am not looking for a new checking account. I just wanted to discuss the pros and cons of using a high rate checking account and treating it like a savings account.

If anyone else needs/wants to open a new checking account, feel free to use the info and/or discuss here. Additionally, if you can, please contribute info to the original thread topic

Sorry I went OT. To get back to your original post:

I think Rewards Checking Accounts- with their higher interest rates- are a great way to save IF you are disciplined and don't start spending your savings to meet the requirements.

I have an excel spreadsheet for my 2 Rewards Accounts so that I can track closely how much I am spending each month. I deposit a set amount each month into the account, and then make sure I don't dip below that amount and start eating into the savings. I also meet the other requirements- ie the one requires an automatic withdrawal- with the money I put in each month (my cell phone bill).

This way my "savings" earns the higher interest rate than it would in a traditional savings account, I don't spend the interest, and I use the debit transactions for things I would buy anyway (and are covered by my monthly deposit).

The risk for the undisciplined is that you would dip into the savings to meet the required monthly debit transactions.

I know some people set-up ten automatic $1 withdrawals (to charities, towards a bill, etc). However, I rarely buy anything with cash so I don't bother with that strategy. l make almost all purchases either using credit cards to earn points (higher end purchases), or with my Rewards Checking Accounts' debit cards for the smaller purchases. This way I reach the Rewards Accounts' monthly requirements without too much trouble and without touching the savings I have in the account.

This Thread is more than 1088 days old. It is very likely that it does not need any further discussion and thus bumping it serves no purpose.If you still feel it is necessary to make a new reply you may do so.
I am aware that this Thread is rather old but I still want to make a reply.

Found a Deal?
Slickdeals is able to share the best deals because of the contributions of users like you! If you found a great deal,
please share it with others by posting in our forums.

First Time?
Welcome to Slickdeals!
Save money here by finding the lowest and cheapest price, best deals and bargains, and hot coupons. We're all about
community driven bargain hunting with thousands of free discounts, promo codes, reviews and price comparisons.

Don't worry, we'll help you find your way. If you haven't already, check out this
user guide
that explains the features of our site.